Moody’s rates Santander Rio debt Ba3/Aaa.ar

Moody's Latin America said it assigned a Ba3 global local currency senior debt rating and an Aaa.ar national scale debt rating to Banco Santander Rio SA's class 18 expected issuance of up to ARS 1.5 billion, which will be due in 18 months, and class 19 expected issuance up to ARS 1.5 billion, which will be due in 36 months.

The two issuances will not exceed a total of ARS 1.5 billion.

Moody’s said the global scale ratings are constrained by Argentina's operating environment, which remains challenging despite various market-friendly policy reforms implemented by the new administration that are expected to result in a return to economic growth and a continued decline in inflation this year. The environmental challenges outweigh Santander Rio's sound financial fundamentals, the agency added.

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